International Public Partnership Ld Ofgem Announcement on Westermost Rough Investment (7159I)
December 10 2015 - 10:50AM
UK Regulatory
TIDMINPP
RNS Number : 7159I
International Public Partnership Ld
10 December 2015
10 December 2015
Ofgem announcement on Westermost Rough offshore transmission
cable investment
International Public Partnerships Limited ('INPP') notes that
Ofgem has, as anticipated, today published a notice under Section
8A of the Electricity Act 1989 relating to the Westermost Rough
OFTO project(1) . This is a key step towards reaching financial
close on the investment that the Company expects to make in the
project. As previously reported the Company expects to invest
around GBP27 million into the project upon financial close,
anticipated to be in February 2016.
The project will be the Company's sixth OFTO investment and
relates to the transmission cable connection to the Westermost
Rough Offshore Wind Farm; one of the Crown Estate Round 2 projects
and a joint venture between DONG Energy (50%) and its partners
Marubeni Corporation (25%) and the UK Green Investment Bank (25%).
The Wind Farm is situated 8km off the Yorkshire Coast, north of
Hull and contains 35 turbines of 6MW capacity, covering a total
area of 35km2 and providing enough electricity to power around
150,000 UK homes.
The Company takes no exposure to electricity production or price
risk but is paid a pre-agreed, availability-based revenue stream
over 20 years which is fully linked to UK inflation (RPI).
Further details of the project will be announced at the time of
the investment being made.
([1]) Offshore electricity transmission owner licensed
entity.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships Limited (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP) and private finance initiative (PFI) procurement
methods.
Listed in 2006, INPP is a long-term investor in 120 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport, renewable energy and waste
water projects in the U.K., Europe, Australia and North America.
INPP seeks to provide its shareholders with both a long-term
government-backed yield and capital growth through investment
across both construction and operational phases of typically 20-40
year concessions.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBUBDDLSBBGUG
(END) Dow Jones Newswires
December 10, 2015 10:50 ET (15:50 GMT)
International Public Par... (LSE:INPP)
Historical Stock Chart
From Jul 2024 to Aug 2024
International Public Par... (LSE:INPP)
Historical Stock Chart
From Aug 2023 to Aug 2024